Rasmussen Poll: Majority See Children Worse Off than Their Parents

A majority of Americans feel today’s children will have it harder than their parents had it, a new Rasmussen Reports survey finds.

According to the findings, 53 percent of Americans think today’s children will not be better off than their parents were, down 6 points from a September survey and the lowest percentage since July 2009.

Only 24 percent said today’s children will see better days than their parents did, up a percentage point from a month ago and well above the 18 percent reported a year ago.

“This finding has generally hovered around 20 percent for the past three years but dropped into the teens for much of this year,” the study revealed.

“Twenty-three percent (23 percent) are not sure what the future holds for today’s young people.”

The poll did find some cause for optimism, as 57 percent of Americans believe it is still possible for anyone in the United States to work his or her way out of poverty, the highest this year, while 26 disagreed and 17 percent were not sure.

Furthermore, 36 percent of adults believe it is still possible for anyone living in America to work hard and get rich, up 5 points from a month ago, though 50 percent don’t believe that’s possible anymore, with another 14 percent being undecided.

Other surveys point to a cautious increase in consumer sentiment.

The Thomson Reuters/University of Michigan’s final reading on the overall index on consumer sentiment for October rose to 82.6 from 78.3 in September, the highest level since September 2007, Reuters reported.

The reading, however, came in below a preliminary reading of 83.1 and missed economists’ calls for a reading of 83.

Blame a fast approaching fiscal cliff for fraying nerves.

At the end of this year, tax breaks expire at the same time automatic cuts to public spending kick in, a combination known as a fiscal cliff that could send the country sliding into a recession next year if left unchecked by Congress.

Businesses have put off expanding and hiring over concerns they don’t know how much they’ll be paying in taxes next year, especially ahead of a presidential election with no clear frontrunner.

“Unless the legislation is carefully managed by whoever wins, the debate could produce the same depressing effect on consumer confidence as last year’s debt ceiling fiasco,” survey director Richard Curtin said in a statement, according to Reuters.

“While the surge in confidence will act to bolster consumer spending during the upcoming holiday season, it also means that this higher level of confidence is more vulnerable to reversal and has thus raised the stakes for post-election economic policies.”